Leading integrated rolling stock and rail services company Hartasuma Sdn Bhd has entered into a collaboration agreement with Philippines based infrastructure holding company Metro Pacific Investments Corp (MPIC), as it looks to penetrate the Philippines railway engineering and maintenance market. To begin, the parties look to participate in projects with an indicative investment value of RM250mil.
Listed on the Philippines stock exchange, MPIC is an infrastructure holding company with a diverse investment portfolio in various sectors across the Philippines and South East Asia. These include power, toll roads, water, healthcare, agriculture, real estate and rail.
The collaboration agreement was signed between Hartasuma’s Group Executive Director Tan Sri Ravindran Menon and MPIC’s Chairman and CEO Manuel V. Pangilinan.
Both companies see synergies in jointly engaging to bid for rail-oriented projects in the Philippines in line with the government’s aspiration to rapidly modernize the nation’s railway network.